With employers in Texas under pressure to invest in their talent experience, there is a real opportunity to improve wage parity and gender diversity in the workplace. In fact, Rebecca Henderson, CEO of Randstad Sourceright, writes the labor market here is experiencing a “perfect storm” of workforce and cultural transformation. Women have the power to negotiate for higher compensation like never before.
For decades, women’s wages have lagged behind their male counterparts. The National Women’s Law Center indicates U.S. women who worked full-time, year-round in 2016 were typically paid 80 cents on the dollar. Additional data from the People’s Policy Project shows that the gap actually doubles for women in part-time, freelance and contract positions.
A move to close the gender wage gap as an outflow of overall wage growth speaks to the challenge of talent scarcity at a time of historically low unemployment rates in the United States. It also shows the power of the #MeToo and #TimesUp movements, which have spurred companies like Google, Salesforce and Citigroup to eliminate the gender wage gap in their organizations and create more inclusive workplaces.
Businesses seeking to follow suit would be wise to note that 80% of women say they would leave their employer for one that offered better gender equality at work.
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